Warren Buffett likely suffered a $6 billion blow to his stock portfolio on Monday, as four of his biggest holdings slumped in value during the painful market sell-off.
The investor’s Berkshire Hathaway conglomerate counts Apple, Bank of America, American Express, and Coca-Cola among its largest positions. Those four stocks fell between 1% and 4% on Monday, wiping about $5.9 billion off the combined value of Buffett’s stakes in those companies.
Berkshire boasted 887 million Apple shares at the last count. Assuming he hasn’t touched that holding, it slid in value by $3.5 billion on Monday. The conglomerate also took a $1 billion hit on Bank of America, a $2.7 billion hit on Coca-Cola, and a $1.1 billion hit on American Express.
The investor’s company also spent $1.3 billion for Coca-Cola stock worth $22 billion today – a roughly 17-fold gain. Moreover, its $25 billion stake in American Express has a cost base of $1.3 billion, and it spent about $15 billion to amass a Bank of America position worth $37 billion today.
Overall, Buffett’s total unrealized gains on those four stocks exceed $150 billion – more than the market capitalizations of Starbucks ($136 billion), IBM ($123 billion), or Goldman Sachs ($120 billion).
Buffett concentrates his money in a few key investments instead of spreading it across hundreds of them, boosting his returns when his bets pay off, but also exposing him to sharper declines. Apple has made up 45% of the total value of Berkshire’s stock portfolio in recent weeks, and the conglomerate’s top five holdings have accounted for 75%.
Coca-Cola just announced changes to its Coke Zero recipe – and fans of the brand are having flashbacks to the last time Coke changed its flavor.
In 1985, the company introduced New Coke, an updated recipe that marked the company’s first formula change in 99 years.
Coke-drinkers were shocked that the beverage company would change its classic formula. One went as far as to tell The Washington Post that fans of the soft drink could “worry that maybe the whole country is beginning to fall apart. They don’t even trust themselves anymore.”
Now, consumers aren’t quite as outraged as they were more than three decades ago over New Coke, but social media was quick to remind Coca-Cola of its former recipe change disaster.
“Do we have to do New Coke 2.0? Coke Zero is my lifeline. Please don’t mess it up,” tweeted an art director from Charlotte. “Coke Zero is just about the only soda I drink these days, this makes me nervous… I sincerely hope you didn’t ‘1985 New Coke’ it!” another user wrote.
This is not the first time Coke Zero has undergone a rebrand. In 2017, the company tweaked the sugarless recipe to taste more like a regular coke – leaving customers with mixed reviews.
Now, the newest update “optimizes existing Coca‑Cola Zero Sugar flavors and existing ingredients,” according to the company, a change from past recipe changes like the 1985 fiasco is that Coca-Cola that used different ingredients.
“Recognizing that tastes and preferences are always evolving, we’re focused on continuous improvement to give fans the best-tasting Coca-Cola they want,” said Rafael Prandini, a Coca-Cola trademark lead. In a company statement, Prandini said consumers had positive reactions to taste tests of the new Coke Zero.
Some social media users said the new soda has been available in countries like the UK and Argentina for months now, and that they barely noticed a difference in flavor. Others said it tastes flatter and more syrupy than the original.
“I feel duped. I feel like I’ve been lied to,” Charlie Fleming, a popular UK YouTuber, said after trying the refreshed recipe. “If you see the new one, they taste exactly the same. They’ve changed nothing.”
The refreshed Coke Zero will be available throughout the US and Canada starting this August, with full distribution completed in September.
Robinhood has been the poster child of the commission-free trading movement that has drawn a new generation of investors into the stock market, and its user base skews heavily to Millennial and Gen Z investors. From iconic companies like Apple, to upstarts looking to disrupt whole industries, here are the top 50 stock picks among Robinhood users.
Workhorse, the Loveland, Ohio-based electric-vehicle maker, has become a retail favorite among other auto manufacturers, like Lordstown Motors and Canoo.
Shares of the plane-maker have rallied more than 12% so far this year.
Ronaldo, sat beside Portugal manager Fernando Santos ahead of his team’s match against Hungary, irritably set aside two bottles of Coke, then picked up a bottle of water and said, “Água!” – the Portuguese word for water.
Coca-Cola’s shares, which had opened at about $56.17, had fallen by 1.6%, to $55.22, by the end of the press conference. Its market value dropped by $4 billion, to $238 billion from $242 billion. The soft-drink manufacturer’s shares continued to slide on Tuesday, falling by 0.3%.
The company’s decline in market value was an outlier compared to the entire S&P 500, which rose 0.4% on Monday. The broad-based stock market index is up 13% so far this year, compared to Coca-Cola’s 0.6% rise in 2021.
Shares in one of the largest bottlers of the drink, Coca-Cola Bottling, fell by 4% on Monday. It’s down by 8% in the past week.
Coca-Cola, an official sponsor of the UEFA Euro 2020 tournament, reportedly said in a statement that “everyone is entitled to their drink preferences” and has differing “tastes and needs.”
A Euro 2020 spokesperson said: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conference.”
Ronaldo has previously expressed disapproval of Coca-Cola and other unhealthy foods and beverages. His fitness routine is said to involve eating six meals and taking five naps in a typical day.
He has said he gets irritated with his son Cristiano Jr., who likes to drink the soda.
Ronaldo, sat beside Portugal manager Fernando Santos ahead of his team’s match against Hungary, irritably set aside two bottles of the soda drink placed before him. He then picked up a bottle of water and appeared to encourage drinking that instead by saying “Água!” – which is Portuguese for water.
Coca-Cola’s shares were trading around $56.17 when the market opened on Monday, but fell 1.6% to $55.22 by the end of the press conference. That led to a sharp drop in market value from $242 billion to $238 billion. The soft-drink manufacturer’s shares closed at $55.41 per share on Tuesday.
The stock price of one of the largest bottlers of the drink, Coca-Cola Bottling, fell 4% on Monday, and is down 8% in the past week.
Coca-Cola is one of the official sponsors of the UEFA EURO 2020 tournament. The company reportedly issued a statement about the incident, saying “everyone is entitled to their drink preferences” and have differing “tastes and needs.”
A Euro 2020 spokesperson added: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conference.”
Ronaldo has previously spoken about his disapproval of Coca-Cola and other unhealthy food and beverages. He follows a fitness routine that includes eating six meals and taking five naps on a typical day.
In 2020, he said he gets irritated with his son Cristiano Jr. who likes to drink the soda.
Officials in a North Carolina county removed Coca-Cola vending machines from their offices after the soda-maker’s chief executive spoke out against a voting law in Georgia
In a letter sent to Coca-Cola executives, a Surry County official said Coca-Cola’s comments on Georgia’s controversial voting law were a “disappointment,” NBC News reported.
“Our Board hopes that other organizations across the country are taking similar stances against Coca-Cola and sincerely wishes that future marketing efforts and comments emanating from your company are more considerate of all your customers’ viewpoints,” Eddie Harris, Surry County commissioner, wrote in a letter viewed by NBC’s “Today.”
Coca-Cola CEO James Quincey joined a handful of high-profile company executives in denouncing the law earlier this year, with many saying it restricted the right to vote. Coca-Cola is headquartered in Georgia.
“Let me be crystal clear and unequivocal, this legislation is unacceptable, it is a step backward,” Quincey told CNBC in late March.
Apple CEO Tim Cook also commented on the law, saying it “ought to be easier than ever for every eligible citizen to exercise their right to vote.”
The move by North Carolina officials followed a call from former President Donald Trump in April to boycott “woke” companies opposing the law.
Trump’s comments came after Major League Baseball relocated its All-Star game out of Georgia. He urged conservatives to “fight back” by boycotting Coca-Cola, Delta, JPMorgan Chase, and other companies that opposed the law.
NBC News reported on Friday that Surry County officials said Coca-Cola supported the “out-of-control cancel culture and bigoted leftist mob” that fought back against the law.
“We decided we wanted to push back against this woke cancel culture, push back against Coca-Cola, because they were one of the ones out front,” Harris told Fox News on Friday.
He said he’d received hundreds of emails in support of the ban, which he said could lead to a boycott of the company. He said local citizens supported the removal.
“They’re absolutely sick and tired of this outrageous left-wing mob that is attacking freedom of speech, attacking people’s jobs, that is completely out of control in this country,” Harris told Fox News.
In statements to Fox News and NBC News, Coca-Cola said its local staffers had reached out to county commissioners about the ban.
Warren Buffett’s stock portfolio was worth $270 billion at the last count, making it more valuable than Exxon Mobil or Comcast. Around $203 billion, or 75% of that figure, was parked in just five stocks.
Berkshire’s increased stake in Bank of America was worth $39 billion, or 14% of the portfolio. The next-biggest holding was American Express ($21 billion or 7.9% of the total), followed by Coca-Cola ($21 billion or 7.8%) and Kraft Heinz ($13 billion or 4.8%).
“Wow is that concentrated,” Paul Lountzis, a longtime Berkshire shareholder and the president of Lountzis Asset Management, told Insider. “But that has always been his way.”
Indeed, Buffett has repeatedly trumpeted the power of a concentrated portfolio, and warned investors against spreading their bets too much.
“Diversification is a protection against ignorance,” he said at Berkshire’s annual shareholder meeting in 1996. “It makes very little sense for those who know what they’re doing.”
Buffett added that if someone can analyze and value businesses, it would be “madness” for them to own scores of stocks and put money into their 35th-favorite business instead of their top pick. Diversifying to that extent would most likely hurt their results and increase their risks, he cautioned in his 1993 shareholder letter.
Berkshire’s top five holdings accounted for 74% of its portfolio’s total value at the end of December. That proportion climbed to 75% last quarter after the company slashed its Wells Fargo and Chevron stakes, trimmed its pharmaceutical and financial bets, and exited a couple of positions.
Buffett might concentrate his portfolio even more in the coming months. “He is going back to making very large commitments to stocks he likes the most,” Lountzis told Insider.
Buffett said he favored either Diet Coke or Cherry Coke and had at least five cans of the soda a day.
I decided to opt for exclusively Cherry Coke throughout the week, as I’m not the biggest fan of the taste of plain Coke. I am, however, a fan of cherry and cherry-adjacent soda products like Dr. Pepper and Cheerwine (it’s a North Carolina thing — Google it).
I also couldn’t purchase cans of the stuff at my local grocery store, but a two-liter works out to 5.6 cans a day, within the ballpark of Buffett’s consumption. Thus, I decided to go with one of these each day.
If you’re wondering, that works out to 252 grams, or 0.56 pounds, of sugar a day from the Cherry Coke alone. That’s right — I got 84% of my recommended daily carbohydrate intake from just the sugar in the Cherry Coke.
I didn’t initially do the math on the sugar content of the Cherry Coke, believing it was better to go into the week with a bit of blissful ignorance. While I had assumed it would be rough consuming all of the syrupy-sweet drink, I couldn’t anticipate the full devastation the Coke would have on my mood.
On the first breakfast of the week, I was nervous but had a supply of foolish confidence in my ability to handle what was ahead.
In the HBO documentary “Becoming Warren Buffett,” the legendary investor said his breakfast each day came from McDonald’s and was dictated by the stock market.
Typically, Buffett gets breakfast once the market is open. If stocks are up, he gets a bacon, egg, and cheese biscuit. If they’re down, he opts for a cheaper breakfast of two sausage patties. If the market is flat, as it was Monday morning before the open, he goes for the sausage McMuffin.
I get to work around 7:30 a.m. ET every day, meaning I had to base my McDonald’s selection on the premarket futures, which tend to be a bit harder to gauge. Regardless, I decided to try to factor in a bit of qualitative analysis based on the overseas markets and the previous day’s close (and, by the end of the week, what I could tolerate).
The first breakfast wasn’t too challenging. The biggest issue was the lack of coffee, as Buffett doesn’t drink the stuff.
I decided to front-load the Cherry Coke to get the caffeine I usually got from my coffee while also preventing myself from drinking soda well into the night.
Additionally, I’d decided to keep track of my weight each morning and night. For the calorie counts, the Cherry Coke totals are added to the count at dinner, since they were dispersed throughout the day.
Breakfast, Day 1: McDonald’s sausage, egg, and cheese McMuffin; Cherry Coke
Breakfast calories: 470
Monday-morning weight: 168.4 pounds
The Cherry Coke hit me like a ton of bricks.
I don’t drink much soda — I drink mostly water and coffee at work — so the sudden increase in the amount of corn syrup in my diet made me feel incredibly sluggish. Plus, the sugar high was so off the charts that I almost felt the tingle of the carbonation in my fingers as I was typing.
Then again, I also put down half of the two-liter before 11 a.m. in an attempt to front-load the caffeine.
My inner child was excited to have ice cream in the middle of the day. The chili-cheese dog excited me less.
The bun on the Dairy Queen dog was spongy, but not like an angel food cake — like an actual kitchen sponge. The hot dog tasted very salty.
The sundae was delightful. Buffett says he typically gets cherry syrup on his DQ sundaes, which was not an option at my Manhattan location. I did get his preferred chopped nuts on top.
I was feeling pretty weighed down at this point. I don’t have a big lunch most days — a salad at most — so the extra calories and copious sugar made me feel bloated.
Lunch, Day 1: Dairy Queen chili-cheese dog; strawberry sundae with chopped nuts; Cherry Coke
Lunch calories: 650
I cheated a bit on dinner for the evening, getting chicken parmigiana – which Buffett usually has as a side. (!)
By the evening I was feeling a bit better, possibly because I finished the coke around 2 p.m.
The big test was running. I typically try to run four to five miles a day after work, and I was dreading how I would feel. I imagined keeling over and puking into the East River.
To my surprise, it was fine. I was probably a step slower than normal, but I didn’t feel too awful.
Dinner was heavy — I couldn’t finish the whole serving — but at the end of Day 1, I was doing half decent.
I lost sleep on Sunday night worrying about the challenge ahead, but after feeling decent at the end of the day, I got a good night’s sleep.
Stock futures were up on Tuesday, so I decided it would be fair to get a bacon, egg, and cheese biscuit. Coming from the South, I preferred this option over the semi-soggy McMuffin from the day before, and I felt confident as I tucked into breakfast and the second giant bottle of Cherry Coke.
Breakfast, Day 2: McDonald’s bacon, egg, and cheese biscuit; Cherry Coke
Breakfast calories: 450
Tuesday-morning weight: 170.4 pounds
For lunch, I went for a burger – another Buffett favorite.
Now, many of my coworkers said I cheated by going with Shake Shack instead of some local restaurant, but you know what? I was the one suffering, and I deserved a slight luxury.
Another signature Buffett trait is an excess of salt, as John Stumpf, the former Wells Fargo CEO, once described.
So I threw a little extra sodium on the french fries before dipping them in the chocolate shake.
Lunch, Day 2: Shake Shack ShackBurger; french fries; chocolate milkshake; Cherry Coke
Lunch calories: 1,710
By Tuesday afternoon, I was … not feeling well.
Dear God did I make a mistake.
Again, I attempted to front-load the Cherry Coke, and by 2 p.m. I was more than two-thirds of the way done with the two-liter. Not only that, but the heavy meal — especially the milkshake — was crushing my will to live.
I was jittery, grumpy, exhausted, unfocused, and downright distraught. The sugar from the Coke (roughly a half-pound a day) was causing surges and drop-offs in energy.
The increase in meat consumption was making me sweat more than usual (weirdly enough, from my kneecaps, of all places). The bloating was making my back hurt. I was a wreck after less than 48 hours.
Tuesday night might have been my low point, as evidenced by my sad dinner spread.
In the middle of my run that evening, I texted a coworker expressing my dismay at my physical state. I was going noticeably slower than I had the day before, and I couldn’t make myself run faster. My legs simply wouldn’t move as I wanted.
Upon getting back to my apartment from the run, I was, as my notes say, “**WRECKED**” by stomach cramps. My roommate walked in as I was sitting on our couch doubled over and asked me whether I was sure I wanted to keep going.
I finally got myself together, and, unable to muster the strength to figure out a proper meal, I just made two hot dogs and ate some Utz chips — another brand Buffett loves.
I went to bed Tuesday night feeling much less enthused about the prospects for the rest of the week.
Dinner, Day 2: Two Hebrew National kosher hot dogs; Utz kettle chips; See’s Candies peanut brittle
Dinner calories: about 650
Total daily calories: 3,710
Tuesday-evening weight: 171 pounds
Another day, another bacon, egg, and cheese.
Honestly, given the recent rise in the stock market, Buffett must be getting sick of these biscuits by now.
I decided to try to space out the Cokes more evenly to avoid the crashes. (Spoiler: It didn’t work.)
Breakfast, Day 3: McDonald’s bacon, egg, and cheese biscuit; Cherry Coke
Breakfast calories: 450
Wednesday-morning weight: 169.2 pounds
For lunch, I went back and found one of Buffett’s go-to lunch orders at Gorat’s, an Omaha, Nebraska, institution.
I ordered an open-faced turkey sandwich with bacon and Thousand Island dressing from Eisenberg’s, a local sandwich shop.
I was served a closed-faced, sliced turkey sandwich with bacon and Thousand Island dressing. I wasn’t going to split hairs, so I took it back to the office as it was.
The meal was finished off by fries and some Cherry Coke.
You may ask: “Bob, did you put extra salt on the fries like you said Buffett always does?”
My answer? Yes, I did. Hope you’re enjoying my suffering so far.
Lunch, Day 3: Turkey sandwich with bacon and Thousand Island dressing from Eisenberg’s Sandwich Shop; french fries; Cherry Coke
Lunch calories: about 900
Dinner on Wednesday was veal parmigiana with an indulgence: a Hawaiian Punch. I can’t prove Buffett likes fruit punch, but, hey, it was my favorite when I was 6.
I walked home on Wednesday and then went for a run.
I felt as if the sugar, syrup, and grease leaked from my belly to my legs. Children were passing me on the street during my walk home, and I’m usually a fast walker. Imagine having maple syrup in your joints and muscles — that’s what I felt like.
Futures were down, so I ordered two sausage patties for breakfast. But upon arriving at work, I realized the McDonald’s workers gave me only one.
I’m still not sure whether the single patty was a good or a bad thing, but it did give me a bit of a break from heavy meals.
Also, it made me realize that McDonald’s sausage by itself is not very good. Who could’ve guessed?
Breakfast, Day 4: McDonald’s sausage patty; Cherry Coke
Breakfast calories: 174
Thursday-morning weight: 169.8 pounds
This may be the point to mention that I’ve done terrible things to my body before – and this was the worst.
I’m no stranger to massive dietary changes — I gained 80 pounds in college and then lost 45 pounds in three to four months after I graduated. (I overestimated my pay as an intern and underestimated NYC rents.)
That is to say: I’ve done some terrible things to my body via my diet before.
Even at my heaviest, I never felt this run-down. The weird thing though was that I was still hungry at every meal.
Maybe it was the chemicals from the processed food?
I was running out of idea at this point on Thursday, and honestly, I was busy with work, so I just gave up and got McDonald’s.
Fun fact: Buffett once used coupons to buy Bill Gates lunch at McDonald’s.
Oh, another reason this was such a terrible idea: I cover policy here at Business Insider, including healthcare and taxes — and, of course, I decided to try the Buffett diet on the week that Republicans again attempted to repeal Obamacare (no, the irony did not escape me) and rolled out their most detailed tax-reform framework yet.
This meant that amid my midafternoon sugar crash, I was typically forced to pull myself out of the fog and write something of substance.
To be fair to myself, I did write a considerable amount over the five days. You’d have to ask my editor Brett whether my diet hurt the quality of my writing, but I stand by everything I published.
Lunch, Day 4: McDonald’s Quarter Pounder with cheese; french fries; Cherry Coke
Lunch calories: 870
Buffett once ordered a country- (or chicken-) fried steak with Jay-Z, so I had to get it for a meal.
I really like country-fried steak (see my previous comment about being from the South). This one was from Cowgirl in the West Village.
Buffett isn’t a big fan of broccoli, much less collard greens, so I did cheat a bit. But, c’mon, actual collard greens at a restaurant in the North? I had to try them.
Alas, they were bad.
I went with a coworker and couldn’t finish the steak and mashed potatoes — not to worry, salt was added in extreme amounts — prompting her to call me “weak.” I replied I would take the leftovers home and finish them later (we were eating fairly early), but I happened to “forget” the bag as I left.
In a surprise to probably no one, the gravy sat heavy in my stomach. Walking to the subway, I was happy there was only one day left, but I felt terrible.
Dinner, Day 4: Country-fried steak with mashed potatoes, gravy, and collard greens from Cowgirl; water
Dinner calories: 1,540
Total daily calories: 3,484
Thursday-evening weight: 172.4 pounds
Of course Buffett eats ice cream for breakfast. Of course I was the idiot who saved it for the last day.
Remember what I said about getting used to it? Not so much on Friday morning.
I have never enjoyed ice cream less. That’s really all I have to say about this meal.
Breakfast, Day 5: Ben and Jerry’s Phish Food ice cream; Cherry Coke
Breakfast calories: 870
Friday-morning weight: 170.4 pounds
What if Buffett just says he eats all of this food to make other people like me buy it and boost his investments’ sales?
Buffett owns Dairy Queen and holds considerable stock in McDonald’s and Coca-Cola. Sitting down for my final lunch, I realized I probably made the guy a lot of money that week.
The thought struck me mid-bite of an M&Ms Blizzard: I was a sucker.
Buffett is a self-mythologizer — a folk hero who presents himself as a kind grandfather but has made it in the vicious investment world. He’s a ball of contradictions and social oddities.
I couldn’t put it past him to deceive the few interviewers he trusts to cast the glow of the cult of Buffett.
On the other hand, surely people see him at these restaurants. He wouldn’t lie about his diet just to get a few suckers to boost his sales, would he?
Lunch, Day 5: Dairy Queen chili-cheese dog; french fries; M&M Blizzard; Cherry Coke
Lunch calories: 1,400
Here’s all the Cherry Coke I consumed during the week.
The sugar-and-caffeine crash came easier by Friday. I had learned how to manage the timing and frequency of the Coke intake to make sure I had a solid energy reserve all day.
But I still felt awful after I finished a bottle.
Here’s some fun math on the amount of Cherry Coke I consumed in the week:
• Total amount: 338 fluid ounces, or 2.64 gallons.
• Calories: 4,500.
• Sugar: 1,260 grams, or 2.78 pounds.
• Caffeine: 1,020 milligrams, or 204 a day. (An average cup of coffee, 8 fluid ounces, has 95 to 165 milligrams.)
For dinner, I went with a few coworkers to Smith & Wollensky, Buffett’s favorite New York City restaurant.
Buffett comes here once a year for a dinner, at which a lucky bidder joins the Oracle of Omaha himself. In 2016, the meal went for $3.4 million. All the proceeds are given to charity.
I was joined by four of my coworkers to bask in the final meal of my epic run.
I contacted the restaurant earlier in the week to say what we would be there for, and the staffers did everything to make my experience as authentic as possible.
We sat in the private alcove where Buffett sits when he visits, with a full glass wall looking into the kitchen. There was a plaque with Buffett’s name on it and a letter from him framed on the wall.
I asked our waiter, Baci, who had served Buffett on his trip to NYC in August, to bring me what the man ate. This was a mistake.
We started with something off-menu called the “seafood bouquet.” It featured lobster, shrimp, and lump crab meat. The seafood was divine — though it was chilled, and I typically enjoy seafood hot.
I began to feel a bit uneasy as I dined on the appetizer, thinking back to everything I had put down that week. I wanted to have an authentic meal at a favorite location of Buffett’s, but could I survive to the end?
Also, I must admit here that I broke the Buffett rules by having a bit of wine. But it was the end of the week, and can you really blame me?
Next, the steak: a 32-ounce Colorado rib-eye.
In what can only be compared to the primitive tomahawk of a caveman, the mighty Colorado rib-eye emerged on a plate still sizzling. At that point, a glorious, freeing sense of debauchery overtook me, and I laid all of the terrible meals of the last week to the side.
The steak was a knockout.
For the first three-quarters of a pound, I consumed it with reckless abandon, ignoring the inevitable food hangover that was surely coming. The rib-eye was cooked to perfection and cut beautifully, and it contained just the right amount of fat.
When I hit the wall — and I hit it hard — there was an overriding sense of disappointment that I simply couldn’t finish the meal.
The final tallies for dinner were, in a word, monumental.
I wasn’t even drunk from the wine, but the meal knocked me out. I was struggling to form coherent thoughts as all the blood ran from my brain to my stomach, attempting to handle the influx of fat, protein, and sugar.
My coworkers and I ambled toward Grand Central Station, and I felt dazed. We decided against a post-dinner drink, and wandering off from the rest of the group, I felt unsure on my feet.
I huffed and puffed my way back to my apartment near Chinatown, sweating pure steak grease.
Upon making it back, I collapsed on the floor of my living room. I dozed off for a little over an hour, trying to pretend my stomach wasn’t bursting at the seams.
Dinner, Day 5: Seafood bouquet, 32-ounce Colorado rib-eye steak, hash browns, creamed spinach, and coconut cake from Smith & Wollensky; red wine; water
Dinner calories: 3,343
Total daily calories: 6,513
Friday-evening weight: 175.2 pounds
What did I learn?
Let’s get this out of the way: Don’t eat like Warren Buffett unless you are Warren Buffett.
The man himself says to be yourself instead of copying him. This applies not only to investing, but to dieting as well.
My experience was miserable, and I realized why I committed myself to eating healthy when I moved to New York. Being sluggish and moody during the day just isn’t fun.
It’s also a good lesson in recognizing limits. Buffett apparently has none; I very much do.
And, finally, I now understand Buffett’s investing strategy perfectly!
I just have a few extra pounds to work off and a good story.
Average calories a day: 4,107.4
Total calories over five days: 20,537
Weight gain, Monday morning to Saturday morning: 2.4 pounds
Weight gain, Monday evening to Friday evening: 4 pounds
“The exact amount of the price increase will vary by brand and sub-brand in the range of mid-to-high single-digit percentages and will go into effect in mid-September,” P&G said in a statement.
Some of P&G’s primary competitors, including Kimberly-Clark, have announced similar price increases. In March, Kimberly-Clark said it would increase the prices of top products like Scott toilet paper and Huggies diapers.
General Mills’ chief financial officer, Kofi Bruce, said during the company’s March earnings call that it was planning to increase its prices to offset rising commodity costs as its margins continued to fall. While the company did not specify what products would be affected, General Mills’ lineup of brands includes Cheerios, Chex, Betty Crocker, and Pillsbury products.
On Monday, Coca-Cola CEO James Quincey told CNBC that the company was planning to hike its prices for the first time in over three years. Quincey did not specify the products that would be affected.
Quincey said Coca-Cola planned to implement the price hikes “intelligently, thinking through the way we use package sizes and really optimize the price points for consumers.”
Coffee prices are also set to skyrocket. Peet’s and J.M. Smucker, the brand behind Folgers and Dunkin’ coffee, have said they’re facing rising costs. Reuters reported that in February, port delays pushed coffee prices to their highest level in over a year.
J.M. Smucker also increased the price of its Jif peanut-butter products in August.
Many of these companies said sales had continued to rise in the last quarter, even from the previous year, when some people were stockpiling products at the beginning of the pandemic. While an increase in demand can only be a positive for companies, demand is outstripping supply and driving up the price of some goods.